Chegg(US:CHGG)2025-11-10 21:17Workforce Reduction and Restructuring - Chegg announced a workforce reduction impacting approximately 388 employees, or about 45% of its current workforce, as part of a restructuring plan[6] - The company estimates charges of approximately $15 million to $19 million related to the workforce reduction, primarily for employee transition and severance payments[7] - Chegg's restructuring aims to align its cost structure with its strategic focus, positioning the company for sustainable growth and profitability[24] Leadership Changes - Dan Rosensweig has been appointed as the new President and Chief Executive Officer, effective immediately, after the departure of Nathan Schultz[8] - Rosensweig will receive an annual base salary of $850,000 and will be awarded restricted stock units covering 1,650,000 shares[14] - Richard Sarnoff resigned from the Board, effective immediately, with no disputes reported regarding his departure[20] Financial Guidance and Performance - Chegg reaffirmed its previously announced guidance for Q3 2025, with expectations for revenue and adjusted EBITDA remaining unchanged[24] - The company is facing challenges in attracting and retaining learners on its platform amid declining revenue and user traffic[24] Future Outlook and Innovation - Chegg's future outlook includes the impact of AI technology on its business and the need for innovation in response to competitive pressures[24] - The Board concluded its review of strategic alternatives and announced a focus on operations as a standalone entity[21]